Home >Money >Personal Finance >ITR filing: How much penalty you have to pay if you miss August 31 deadline

The income tax department has extended the last date for filing your income tax returns (ITR) to August 31. The extension was expected due to the delay in release of Form 16. “Recently, the format of Form 24Q and Form 16 was changed. To ensure every organisation files its TDS return in the new Form 24Q, the department extended the due date for filing TDS statement to June 30 from May 31. Subsequently, the due date for issuing Form 16 moved to July 10 from June 15," said Rahul Singh, chartered accountant, Taxmann, a New Delhi-based publisher on taxation and corporate laws. “The changes were made to bring TDS certificate in sync with new ITR forms issued for AY 2019-20 so employees find it convenient to file returns on basis of TDS certificates."


You will have to file income tax returns irrespective of whether tax amount due or not. “You will have to file taxes in any situation if your salary is in the taxable bracket even if you manage to save all taxes due. Even in case you have no taxes due, you will have to pay late filing fee of 1,000 if your salary is less than 5 lakh and 5,000 if your salary is above 5 lakh," said Singh.

These charges are applicable if you file your taxes before December 2019. “If you file your taxes after December 31, 2019, the late filing fees will be 10,000, whether your salary is below or above 5 lakh," said Singh. If you have some tax due, apart from the late filing fee, you will also have to pay a monthly interest of 1% on your tax due till the month of payment.


Not all ITR forms are as lucid and simple as ITR 1 to file. “ITR1 is much easier to file. It has hardly 5-6 pages whereas other ITR forms are lengthy and complex. ITR 2 has 15 to 20 pages while ITR 3, which is for business persons, has around 40 pages and is the lengthiest of all," said Singh. Hence, filing ITR1 on your own may not be much of a hurdle. “Technically you can fill all the forms on your own but for the lengthier forms, it might get a bit complex for you to fill on your own hence it is advisable to get professional help," said Singh. This, he said, is more for business persons as ITR 3 has various components to show their income from various sources, details on profit and loss of the firm and likewise.

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